Monthly review for commercial paper and medium-term note market - November 2023

Published on the 15th of December 2023

Total outstanding on the NEU CP and NEU MTN market stood at €340.9 bn in November 2023 (+€35 bn year-on-year). This increase is attributable to the NEU CP segment (+32.3 bn € year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+44.8 bn € year-on-year), while outstanding of non-financial entities (corporates) fell by 4.3 bn € to 58.9 bn €. Outstanding in the NEU MTN segment rose slightly by €2.7 bn year-on-year (+6.9%) to €41.4 bn.
NEU CP issuance by the financial sector (ABCP issuers included) rose slightly in November 2023, mainly on maturities from 201 to 365 days, to €86.7 bn versus €86.2 bn the previous month. Issues by the non-financial sector (corporates) fell in November 2023 to €21.9 bn, compared with €29.3 bn in October 2023, the change being attributable to maturities from 41 to 100 days. Finally, public-sector issues rose to €14.4 bn in November 2023 from €9.6 bn in October 2023.
While average issue yields have stabilized across most maturities, there has been a month-on-month decline in the average 12-month rate for financial issuers, as well as in the average 9 and 12-month rates for non-financial issuers.

Updated on the 25th of July 2024

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